Plot loans are loans provided for a vacant plot or plots for subsequent house construction, although the terms of a plot loan are similar to a home loan. Plot loans can only be availed for a residential plot within corporation or municipal limits.
Plot Loan at Federal Bank is offered to all resident individuals from salaried to self-employed as well as business people. You can avail a Federal Bank plot loan in the following ways:
Federal Bank Plot Loan has the following features:
Quick Loan Approval: The bank ensures a speedy process of loan approval, cutting down on the wait period for approval.
Minimum Documentation: Federal Bank does not give you a long list of documents to be submitted along with the plot loan application form.
Loan Amount: Borrowers can avail a plot loan up to Rs.25 lakhs. A 40% margin cost is applied where it is a part of land cost as mentioned in the sale deed, stamp duty as well as registration charges.Upto 60% of the plot’s value can be covered in the plot loan from Federal Bank.
Interest Rate: Interest rate of the Federal Bank Plot loan is calculated using the MCLR method where the marginal cost of funds of the bank, operating costs, tenor premium and negative carry on CRR (Cash Reserve Ratio) is considered.
The final lending rate of the loan is calculated by adding the MCLR and spread. The MCLR set on the loan disbursal day is applicable until there the rates are reset.
Loan Repayment: Federal Bank plot loan comes with a repayment period of 60 months. The loan can be repaid via easy EMIs. The various repayment modes that can be opted for, are:
Security: The plot serves as the security for the loan and as interim security for 100% of the loan value.
The following documents are required when applying for a Federal Bank Plot Loan:
Federal Bank grants plot loan of maximum value of Rs.25 lakhs.
You can make loan repayments via Equated monthly Installments (EMIs) through cheques, internet or mobile banking, automated payment through ECS or standing instructions to your bank branch.
Passport, Driving License, PAN card or Voter ID can be given as ID proof when applying for a plot loan.
Title deed of the land, the tax receipt of the land are few of the documents required to be submitted, along with any others if requested by the bank.
You can leave your number on the website, contact the customer care, connect through video chat or write to the bank in case of any complaints or issues regarding Federal Bank plot loans.
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